TechCrunch40 top company award: Everything Mint is Yodlee again!

ImageWe have all been following the excitement over Tech Crunch 40, and then the top company award was announced, and I had to do a double take!! Mint won the $50,000 award - for “an impressive personal finance application”.

Anyone remember Yodlee?

ImageYodlee has had a patented personal finance application since August of ‘99. It allows secure one-stop access of all financial (bank) accounts, mortgage accounts, brokerage accounts and airlines mileage accounts. The dashboard adds up all balances in the asset and liability accounts, and provides a quick net worth summary. The program has tons of other knick-knacks such as tracking spending month by month.

I have used Yodlee Moneycenter for a couple of years now, and it is one of the best web based apps that I have ever used.

Mint seems to have fewer features than Yodlee, and Yodlee has a commanding head-start (they launched back in ‘99) with several thousand financial institutions that they are compatible with.

The funny thing is that a couple of years ago, I was approached by someone promising “to find funding” for exactly this idea, if I would come up with a business plan for the latest and greatest “personal finance application”. I did some research that showed that financial aggregators, as they are called, are nothing new. 10’s of companies have been built around this same idea, all touting very similar features.

Country Provider / Service name
AUG 99′ US VerticalOne launched
SEP 99′ US Yodlee launched
JUN 00′ US AOL “AOL Personal Finance” is announced.
JUL 00′ US CitiBank “My Citi” launched
AUG 00′ US Yahoo “Yahoo Finance” launched.
SEP 00′ AUSTRALIA eWise launched & AMP “Account Minder” launched.
OCT 00′ US Chase Manhattan Bank “Chase Online Plus” launched.
FEB 01′ US Merrill Lynch “My financial picture” launched.
US American Express “Account Profile” launched
MAR 01′ US Wells Fargo “Wells Outlook” launched.
US Fleet Boston “smallbizfleet” launched
JUN 01′ AUSTRALIA Macquarie Bank “Enrichment” launched
KOREA Hanvit Bank “e-Clips” launched
JUL 01′ AUSTRALIA nineMSN “Account Master” launched
SEP 01′ JAPAN Monex securities ” Money Station” is announced.
OCT 01′ JAPAN Nomura Security is announced
JAN 02′ JAPAN E*trade “Money Look” launched

* From E-aggregation: The present and future of aggregation services in Asia Pacific, Fujii et al.

The technology for building a financial aggregation software has been around (all over the world) for a while.

What really needs to be understood was why so many companies have come into the market and exited, and have not been able to make a go in the personal financial landscape. (Needless to say, when I told the “VC representative” that this kind of software had been done many times over, and not worth doing again, he was not very thrilled!).

CashEdge provides a similar service and has relationships with about 500 financial institutions. MSN Money also has personal financial management software.

 

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4 Responses to “TechCrunch40 top company award: Everything Mint is Yodlee again!”

  1. By Jeff Ostheimer on Sep 19, 2021 | Reply

    uMonitor Parsam Technologies has had a similar service to Yodlee since ‘99 as well. This service has been deployed by Morgan Keegan, Securities America, First Tennessee and others for over 8 years.

    Thanks, Jeff

  2. By Romn on Sep 20, 2021 | Reply

    I think Mint uses Yodlee as the back-end. The account aggregations is provided by Yodlee.

    I remember that Wellsfargo started offering something similar and then closed that service.

    I don’t like it when Google reads my emails to give “relevant ads’ and I don’t want somebody with mint leaves to see all my accounts to tell me that I can save 2 cents if I got another credit card.

  3. By forum development business on Jan 3, 2022 | Reply

    business forum small september forum business

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